A Board Of Gentlemen Beholden To A Pirate

The  board of directors of 1Malaysia Development Bhd (1MDB) had on Thursday morning collectively decided to offer its resignation to MoF Inc., which is the 100% shareholder.

The board said on Thursday this had been a difficult decision to take but “we believe is the right thing to do, given the circumstances, in order to facilitate any follow-up investigations as recommended by the PAC (Parliamentary Public Accounts Committee).”

Earlier on Thursday, the  PAC had tabled the 106-page report on 1MDB  in Parliament. It  found that former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi should be held responsible for the “weaknesses and constraints” faced by the state investment arm.

“We urge the authorities to conduct an investigation on Shahrol and those related,” said the PAC in a 106-page report.

Our comment

Faced with the devastating and comprehensive findings of the Parliamentary Accounts Committee today, the entire Board of 1MDB have offered to resign.

It shows they know how to behave in the face of total loss of confidence and their boss the Minister of Finance must of course resign also… he should have done so months ago.

So, of course, must the present CEO, Arul Kanda, who has for the past year been defending every action of the company and his predecessors and in the process lied like no one has lied on earth.

Kanda knows this of course, which is why he last week did his best to announce he was ‘moving on’ and to jump ship, before Bugis Najib hooked him back on board.

Najib is in a mental place, however, which tells him he is untouchable. He plans to put poor, dim Sharhol into the same cell as Sirul, where together they can write letters demanding this and that for future reward and be forgotten about.

This protects him from thinking the unthinkable, which is that justice may yet ensnare the Grand Corsair!

Leissner Lied For Low

In a regulatory filing last month, Goldman Sachs disclosed that Leissner, a former Southeast Asia chairman who helped raise US$6.5 billion for 1Malaysia Development Bhd, also known as 1MDB, was placed on leave after the firm discovered he wrote a reference letter that contained “inaccurate” information.

The letter was written on Goldman Sachs letterhead to another bank on behalf of Jho Low, according to the people. Low has had ties to 1MDB, which he’s described to newspapers as informal consulting work that didn’t break any laws. The state-owned fund has been the subject of overlapping investigations in Malaysia, Singapore and Hong Kong amid allegations of financial irregularities. Low also has a profile in the US for his role helping Malaysian Prime Minister Datuk Seri Najib Razak’s stepson launch the Hollywood production company that backed The Wolf of Wall Street and for deals in fine art and real estate.

Our comment

Well, well, well….

Could Mr Jho Low be running out of cash flow after his monster splurges?

Did “Dr” Leissner, the HEAD OF SOUTH EAST ASIA GOLDMAN SACHS provide false financial information on his behalf to another lender?

The tale of 1MDB and Aabar is one of astonishing sham, brass neck and unbelievable lies…. facilitated by a global financial system that has learnt to drop its pants for the super-wealthy.

Just a handful of rogue players have played havoc with the system and shown up its shocking weaknesses in the process.

Thug Rule

PKR secretary-general Rafizi Ramli has been detained by the police as he exited the Parliament building gates this evening.

Inspector-general of police Khalid Abu Bakar confirmed he was arrested under Section 8 of the Official Secrets Act, which relates to wrongful communication of an official secret.

The Pandan lawmaker had last month exposed what he claimed is a classified document showing links between the Lembaga Tabung Angkatan Tentera and 1MDB.

He also gave a statement on the matter to the commercial crime investigations department.

Tweeting on the arrest, PKR’s Subang MP R Siavarasa said: “Will the IGP explain to the rakyat why PDRM cannot just request Rafizi to surrender himself?”

He likened it to a “kidnapping” by the police.

Our comment

The next step, if the raging IGP gets away with this latest outrage, will be to arrest MPs in the Parliamentary chamber itself… for criticising the government.

The rationale behind this arrest is that if people in high places choose to commit criminal behaviour and call it secret, then the law is on their side.

1MDB and its ultimate boss the PM/FM have been claiming that there is no issue with this company, whilst permitting themselves to put off for a year the publication of its accounts – on the spurious excuse that investigations by law enforcers have impeded their auditors!

Now that information is coming out via another route, the PM/FM is arresting elected representatives of the people (with as much legitimacy as himself) for spilling “secrets”.

Are Malaysians going to stick up for those who are brave enough to stand up to this nonsense or are they going to allow criminality to seize control of their government?

Purchases From 'Palace of Silk' For Orphans & Flood Victims?!

Prime Minister Najib Abdul Razak had allegedly paid US$14 million to local fashion house Jakel Trading, and this has become the subject of a police report by a DAP lawmaker.

However, MyKMU claimed that the sum transferred from 2011 to 2014 was for charitable contributions.

This, it said, included clothing and other items for NGOs, victims of natural disasters, orphanages and political wings.

“According to a source, the prime minister would ask Jakel to supply clothing, blankets and other items to victims of natural disasters and pay the company.

“Apart from this, clothes are purchased for orphans in conjunction with Hari Raya which is sponsored by the prime minister,” the pro-Najib portal added.

Furthermore, the portal claimed that carpets for mosques are also paid for by the prime minister with Jakel as the supplier

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Our comment

Our competition for the most ridiculously entertaining Najib excuses is discovering its best submissions from those sincerely seeking to support the Prime Minister it appears – this offering being amongst the most hilarious so far… if it did not also make you want to cry at the same time.

Apparently, when the PM wants to help orphans and flood disaster victims he dials up the self-proclaimed “Palace of Silk & Furnishings” to provide the necessary!

We trust he also orders them Boeuf Bourgignon from the Cafe de Paris, since of course nothing but the very best should be supplied to these hard up folks in times of trouble.

Jakel, whose emblem is “fashion with a passion”, has allegedly been supplying these silks, chiffons, brocades and lace apparels secretly to victims of disaster over the years, without a word till now, in order to spare the blushes of the “Robin Hood PM”, who has plainly been robbing the pension funds of over-cosited government workers only to help those in trouble enjoy a bit of luxury.

Good for him!

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This Is Way Not Good Enough From 1MDB!

1Malaysia Development Bhd (1MDB) said today it had never invested in nor transferred funds to Red Granite Pictures, whether directly or via intermediaries.

Any statement to the contrary is false, it said.

“We, therefore, deny any suggestion that 1MDB funded the production of ‘The Wolf of Wall Street’, or had any involvement with the film in any capacity, as has been alleged or implied in some recent media reports,” it added, in a statement today.

Our comment

This very short statement of denial from 1MDB contrasts with previous rambling outpourings from the fund, all claiming its innocence.

And it is not good enough.

WSJ have made a very specific allegation that money from 1MDB was misappropriated to a fake company purporting to be a subsidiary of Abu Dhabi’s Aabar fund, but which wasn’t.

The WSJ goes on to say that US$105 million of that was sent directly to Red Granite Capital, belonging to the Prime Minister’s step-son, Riza Aziz, to fund Wolf of Wall Street.

More money was ‘loaned’ indirectly to Red Granite via another intermediary company Telinia Holdings (BVI), which is now closed down, raising questions about how the ‘loan’ can be repaid?

If 1MDB deny this, then they have no alternative but to sue WSJ in the United States, based on these very clear factual allegations – which if not true can easily be shown to be not true.

A weak and pathetic three line denial just doesn’t cut Mr Kanda.

Special Task Force

Salleh said the so-called revelation of WSJ on July 2, 2015, also triggered the setting up of a Special Task Force, the purpose of which, according to the announcement, was to investigate the allegation that Najib had stolen US$700 million or RM2.6 billion of 1MDB’s money and had transferred it to his personal bank accounts.

He said according to what WSJ said, the investigation had started before July 2, 2015, and was not the result of WSJ’s ‘expose’ on that date.

“And The Wall Street Journal confirmed it was in possession of documents related to that probe (which means the investigation had already been launched before 2nd July 2015 if there are already documents related to the probe).

“This in itself sounds very suspicious because The Wall Street Journal said its 2nd July 2015 report is based on the investigation, while the official statement from the Special Task Force is that it was set up to investigate The Wall Street Journal‘s 2nd July 2015 ‘expose’.

“So which came first? And if The Wall Street Journal‘s 2nd July 2015 came first and the launch of the Special Task Force came after, as what we are being told, this would mean The Wall Street Journal was given documents that were not based on any investigation but were planted to slander the Prime Minister.”

Our comment

Najib has publicly said that he promotes ministers for blind loyalty rather than their abilities.

He must by now have learnt to understand the disadvantages of being served by fools.

The special task forces (there were four) were set up after Sarawak Report revealed the massive misappropriation of 1MDB money assigned to the PetroSaudi ‘joint venture in February 2015.

It was these task forces who uncovered the rest of the information about the money coming into the Prime Minister’s accounts AS PART OF THEIR INVESTIGATIONS INTO THE MONEY MISSING FROM 1MDB.  Sarawak Report and the WSJ released this information in early July.

Let us hope the explanation releases Salleh from his muddle and his ill-conceived criticisms of the Wall Street Journal, who only hire people if they are clever.

Digging A Deeper Hole For Najib

The Australian media has confirmed Prime Minister Najib Abdul Razak’s statement and the findings of Malaysian authorities that the money deposited into his personal bank accounts was a donation from a Saudi royalty, said Putrajaya.

“The investigations included forensic examination of every wire transfer,” said a government spokesperson in a statement issued by the Prime Minister’s Office today.

“Malaysian authorities also travelled to Saudi Arabia to examine documentation and interview members of the royal family, and the officials who administered the donation.

“As the leaked letter from Saudi Arabia states, the donation was a gift to the prime minister for promoting moderate Islam, and his leadership in combatting terrorism and extremism – such as by launching his Global Movement of Moderates initiative.

“The letter makes clear the gift was to be used as the prime minister saw fit; would be transferred directly or through the donor’s companies; and no benefit was expected in return,” the spokesperson added.

Our comment

Now that Putrajaya has announced that the details in the Four Corners Programme about the Saudi letter purporting to be Najib’s donor are correct, they can no longer pretend to be coy about the identity behind the name.

Or rather names – because, unfortunately and most confusingly, this ‘donor’ is characterised by no less than three separate names in the documentation. According to the letter he is supposedly a Prince Saud Abdulaziz al-Saud from the Private Office of Saud Abdulaziz Majid al-Saud, but the money was sent from an account in the name of Prince Faisal bin Turkey bin Bandar Alsaud.

So, which of these three ‘Royal’ names is the correct version and to which individual in Saudi Arabia does it pertain?  Because, of course, none of these names refer to any known billionaire Prince in the Saudi royal household.

Putrajaya had better come up with an answer, because the rest of the world has started falling around holding their sides in laughter at this childish ploy and ridiculous letter to boot…. when they are not scratching their heads over how AmBank could accept such tosh, that is.

Sedition For Condemning Stealing?

Lawyers who submitted the motion to discuss attorney-general Mohamed Apandi Ali’s position for refusing to prosecute Prime Minister Najib Abdul Razak over deposits in his personal bank accounts have been summoned by police under the Sedition Act.

Francis Pereira, one of three lawyers who proposed the motion at the Malaysian Bar annual general assembly (AGM) on March 19, confirmed that he received a letter from Bukit Aman.

Pereira added that his colleague, R Shanmugam, who was another proposer of the motion, also received the letter.

“The Bukit Aman letter clearly states that it is with regard to a police report made on the motion presented at the Bar AGM.

“They said the investigation is under Section 4(1) of the Sedition Act,” he told Malaysiakini when contacted.

Section 4(1) concerns offences that have a seditious tendency.

Our comment

The Malaysian Bar Council, the governing body of the legal profession, passed a motion accusing the government of misusing the law to try to conceal criminal acts by the Prime Minister and his criminal associates; among whom must prominently be mentioned the Atrorney General, Apandi.

In any genuine democratic country such a atep would never occur, because the politicans concerned would long since have resigned their offices and submitted themselves to investigation.

Unfortunately Malaysia is no longer a democracy governed by the rule of law. It was to draw attention to this state of affairs that the Bar Council acted as it did, and was bound by its professional ethics to do.

At the time there was no official reaction of any kind. Honest men so accused would have instantly sued for defamation.  But Najib and his cronies, despite being daily accused of heinous crimes and despite having packed many courts with complaisant judges have never begun even one defamation action.

Why not? The answer is crystal clear. They dare not face a civil court. They even have an offence of criminal defamation on their statute book but dare not prosecute.  So, pitifully they resort to a colonial offence of “sedition” which consists of criticising the government. But rarely do they go so far as to charge “seditionists” in Court knowing that such charges must fail.

So, with childish spite they call in citizens to the police buildings for ‘interview”  Only too happy to beat up helpless members of a minority community the thugs of Bukit Aman will not dare to do more to these Bar Council members than utter empty and meaningless threats.